Kuwait Times, Thu, Jun 06, 2024 | Dhu al-Qadah 29, 1445
NIC concludes Beyout Investment Group Holding’s IPO successfully
Kuwait:
The National Investments Company (NIC) is delighted to announce
the resounding success of Beyout Investment Group Holding’s IPO and its
subsequent listing on Boursa Kuwait’s Premier Market. The Capital Markets
Authority and Boursa Kuwait have granted their approval to start trading
Beyout’s shares as of June 11, 2024.
In a statement to the press, NIC outlined its exceptional role as the joint
global coordinator and subscription manager for Beyout Investment Group
Holding’s private placement process as well as the sole investment and listing
advisor for the listing process. NIC’s expertise was instrumental in being the
listing advisor and the exclusive financial advisor for the company’s listing on
Boursa Kuwait’s Premier Market.
The private subscription for the secondary offering of 30 percent of the
company’s currently issued shares was initiated from May 19 to June 2, 2024. The
orders amount exceeded approximately more than 17x Oversubscription the offering
value during the initial allocation period, with coverage of KD 771 million, a
clear testament to NIC’s credibility and expertise.
NIC stated that the IPO targeted offering 90 million shares of the concerned
company at 500 fils per share and a total value of more than KD 45 million for
qualified investors.
Pivotal role
Fahad Al-Mukhaizim, Board Member and CEO said: “The company is proud to play a
pivotal role in the private placement of Beyout Investment Group Holding and
working on the necessary measures for the listing that was completed and within
the target schedule in preparation for listing on Boursa Kuwait, which will be a
great addition and will contribute to strengthening Kuwait’s position as a vital
global center for capital markets.”
“We would like to thank Beyout Investment Group Holding for trusting NIC as
Joint global coordinator and subscription manager. Beyout Investment is a
leading company that manages various services, integrated human resources
solutions, and real estate services, with a focus on facilities management and
other commercial properties, as well as distinctive projects (BOT),” said
Al-Mukhaizim.
Al-Mukhaizim stressed that the National Investments Company’s role as the global
coordinator and subscription agent for leading entities in Kuwait, such as the
listing of Boursa Kuwait and Ali Alghanim Sons Automotive Company on Premier
Market, is in addition to the company’s track record in the investment field,
which indicates the experience and professionalism of NIC and its ability to
successfully and transparently manage many IPOs of this size, in addition to
executing several acquisitions, listings and public and private offerings over
the past decades.
Logistical and marketing
arrangements
NIC has arranged for the logistical and marketing arrangements for the IPO
process for the Beyout Investment Group Holding and has prepared an integrated
team, which held multiple rounds of investment meetings with various interested
parties from individuals, institutions, and major companies to explain the
details of the IPO, as well as respond to all communications received from
investors and those interested in the IPO process and answer all their
inquiries.
Al-Mukhaizim praised all the efforts made by the Capital Markets Authority,
Boursa Kuwait, and Kuwait Clearing Company and highlighted their quick and
tangible interaction in facilitating both the subscription and listing process
within the Premier Market from the beginning until now, which was done smoothly,
successfully and with the cooperation of all parties, pointing out that these
efforts have begun to bear fruit one after another, especially concerning
encouraging the listing of companies with good financial solvency.
He also revealed that the IPO of Beyout Investment Group Holding has witnessed
great interest and turnout from investors of various categories, individuals,
companies, and prestigious local and international institutions, as the number
of required shares exceeded the number of subscription shares offered, which
reflects the great confidence in the quality and performance of the company, in
addition to the high professionalism and professionalism with which NIC managed
the IPO.
“When it comes to our clients, we are committed to providing a wide range of
investment services and solutions to the highest standards to meet their unique
strategic objectives and exceed their expectations, as our track record and
multiple expertise allow the company’s sectors to lead and manage missions
across the region successfully”, clarified Al-Mukhaizim.
To conclude, Fahad Al-Mukhaizim confirmed that the company’s success in managing
the listing of Beyout Investment Group Holding, with all the related details,
maintains the strength and solid position of the company as one of the leading
investment entities on both local and regional levels, with experience spanning
several decades in managing IPOs and listings, based on the capabilities of the
company’s highly experienced and professional team.